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Foreign institutional investors (FIIs) have increased their stake in most of the state-owned oil and gas companies in the September quarter, stock exchange data showed.
FIIs have raised their holdings in ONGC, Oil India, HPCL, BPCL, IOC and GAIL India during July-September quarter. They bought an additional 34.71 million shares worth of around Rs 1,500 crore of these six companies during the recently concluded quarter.
Today, shares of these companies have rallied by up to 7% on the bourses after government on Saturday de-regulated the price of diesel and announced a new price for domestically-produced natural gas.
ONGC and Oil India would be the biggest beneficiaries of diesel price deregulation and the gas price revision. With under recoveries disappearing in the case of diesel, ONGC is expected to gain the most, believe oil & gas analysts.
Oil marketing companies such as HPCL, BPCL and IOC would also be the beneficiaries following the new oil and gas reforms.
FIIs have raised their holdings in ONGC, Oil India, HPCL, BPCL, IOC and GAIL India during July-September quarter. They bought an additional 34.71 million shares worth of around Rs 1,500 crore of these six companies during the recently concluded quarter.
Today, shares of these companies have rallied by up to 7% on the bourses after government on Saturday de-regulated the price of diesel and announced a new price for domestically-produced natural gas.
ONGC and Oil India would be the biggest beneficiaries of diesel price deregulation and the gas price revision. With under recoveries disappearing in the case of diesel, ONGC is expected to gain the most, believe oil & gas analysts.
Oil marketing companies such as HPCL, BPCL and IOC would also be the beneficiaries following the new oil and gas reforms.
In HPCL, the overseas investors have increased their ownership by 1.5 percentage points to 14.10% in September 2014 quarter. They held 12.59% stake in June quarter and 9.27% at the end of September 2013 quarter.
The stock rallied nearly 9% to Rs 534 during intra-day deal on BSE. It’s trading near to its lifetime high of Rs 555 touched in September 2010.
FIIs acquired an additional 21.79 million shares of ONGC in last quarter. Their stake in the country’s largest oil exploration and production firm increased to 7.17% in September quarter from 6.92% at the end of June quarter. They held 6.52% stake in September 2013, data shows. The stock was up 7% at Rs 424 on BSE.
FIIs stake in BPCL increased to 12.57% from 12.23%, GAIL India to 19.11% (18.77%), IOC to 2.45% (2.41%) and Oil India to 9.65% (9.63%).
The stock rallied nearly 9% to Rs 534 during intra-day deal on BSE. It’s trading near to its lifetime high of Rs 555 touched in September 2010.
FIIs acquired an additional 21.79 million shares of ONGC in last quarter. Their stake in the country’s largest oil exploration and production firm increased to 7.17% in September quarter from 6.92% at the end of June quarter. They held 6.52% stake in September 2013, data shows. The stock was up 7% at Rs 424 on BSE.
FIIs stake in BPCL increased to 12.57% from 12.23%, GAIL India to 19.11% (18.77%), IOC to 2.45% (2.41%) and Oil India to 9.65% (9.63%).
